Nov 14, 2026
In a Kitco commentary, CPM Group‘s Jeffrey Christian examined the sharp price movements in gold and silver over recent days. According to Kitco, gold stood near $3,880 at the time of recording after touching a low of $3,871, while silver traded near $49 following a range of roughly $48.56 to $50.73.
Christian noted that some market participants are monitoring the $3,800 level in gold and the $48 area in silver. He also reviewed the wide trading ranges seen in platinum and palladium.
Selloff Tied to Rates, Inflation and Growth Concerns
The presentation linked the broad selloff to worries about higher interest rates, persistent inflation and weaker economic activity. Christian explained that investors are favoring U.S. Treasuries and the dollar in the near term, while CPM Group continues to expect those economic concerns to underpin gold and silver investment demand over time.
The discussion also covered what the bid-to-cover ratio reveals about appetite for U.S. government debt. Christian placed the rise in 10-year Treasury yields in historical context and explained why longer-term borrowing costs matter to households and businesses.
Precious Metals Leasing Explained
The video included a segment on precious metals leasing. Christian described why a miner might keep bullion in its treasury and lease metal it would otherwise sell, and how leasing can help fabricators manage price risk and free up working capital.
CPM Group describes itself as a commodities research, consulting, financial advisory and commodities management firm founded in 1986, delivering independent research and advisory services intended to avoid conflicts of interest with banks, brokers and mining companies.
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1. INTRODUCTION
Report Scope and Analytical Framing
- Report Description
- Research Methodology and the Analytical Framework
- Data-Driven Decisions for Your Business
- Glossary and Product-Specific Terms
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2. EXECUTIVE SUMMARY
Concise View of Market Direction
- Key Findings
- Market Trends
- Strategic Implications
- Key Risks and Watchpoints
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3. MARKET SIZE AND DEVELOPMENT PATH
Market Size, Growth and Scenario Framing
- Market Size: Historical Data (2012-2025) and Forecast (2026-2035)
- Growth Outlook and Market Development Path to 2035
- Growth Driver Decomposition
- Scenario Framework and Sensitivities
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4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES
Commercial and Technical Scope
- What Is Included and How the Market Is Defined
- Market Inclusion Criteria
- Product / Category Definition
- Exclusions and Boundaries
- Distinction From Adjacent Products and Substitute Categories
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5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX
How the Market Splits Into Decision-Relevant Buckets
- By Product Type / Configuration
- By Application / End Use
- By Customer / Buyer Type
- By Channel / Business Model / Technology Platform
- Segment Attractiveness Matrix
- Product Matrix and Segment Growth Logic
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6. DEMAND, CUSTOMER AND CONSUMER ARCHITECTURE
Where Demand Comes From and How It Behaves
- Consumption / Demand by Country or Region: Historical Data (2012-2025) and Forecast (2026-2035)
- Demand by End-Use and Buyer Group
- Demand by Customer / Consumer Segment
- Purchase Criteria, Switching Logic and Adoption Barriers
- Replacement, Replenishment and Installed-Base Dynamics
- Future Demand Outlook
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7. PRODUCTION, SUPPLY AND VALUE CHAIN
Supply Footprint, Trade and Value Capture
- Production by Country
- Manufacturing Footprint and Supply Hubs
- Capacity, Bottlenecks and Supply Risks
- Value Chain Logic and Margin Pools
- Route-to-Market and Distribution Structure
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8. TRADE, SOURCING AND IMPORT DEPENDENCE
Trade Flows and External Dependence
- Exports by Country
- Imports by Country
- Trade Balance and Sourcing Structure
- Import Dependence and Supply Resilience
- Strategic Trade Corridors
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9. PRICING, PROMOTION AND COMMERCIAL MODEL
Price Formation and Revenue Logic
- Price Levels and Price Corridors
- Pricing by Segment / Specification / Geography
- Cost Drivers and Margin Logic
- Promotion, Discounting and Procurement Patterns
- Revenue Quality and Commercial Levers
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10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER
Who Wins and Why
- Market Structure and Concentration
- Competitive Archetypes
- Segment-by-Segment Competitive Intensity
- Portfolio Breadth and Product Positioning
- Capability Matrix
- Strategic Moves, Partnerships and Expansion Signals
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11. GEOGRAPHIC LANDSCAPE AND COUNTRY ROLES
Where Growth and Supply Concentrate
- Core Demand Markets
- Core Production Markets
- Export Hubs
- Import-Reliant Markets
- Fastest-Growing Markets
- Country Archetypes and Strategic Roles
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12. GROWTH PLAYBOOK AND MARKET ENTRY
Commercial Entry and Scaling Priorities
- Where to Play
- How to Win
- Build vs Buy vs Partner
- Route-to-Market Choices
- Localization and Capability Thresholds
- Entry Risks and Mitigation
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13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES
Where the Best Expansion Logic Sits
- Most Attractive Product Niches
- Most Attractive Customer Segments
- Most Attractive Markets for Commercial Expansion
- White Spaces and Unsaturated Opportunities
- High-Margin and Underpenetrated Pockets
- Most Promising Product Adjacencies
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14. PROFILES OF MAJOR COMPANIES
Leading Players and Strategic Archetypes
- Leading Manufacturers and Suppliers
- Regional Specialists and Challengers
- Production Footprint and Manufacturing Capacities
- Product Portfolio and Segment Focus
- Pricing Positioning and Indicative Price Logic
- Channel / Distribution Strength
- Strategic Archetypes
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15. COUNTRY PROFILES
Detailed View of the Most Important National Markets
View detailed country profiles
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15.1
United States
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.2
China
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.3
Japan
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.4
Germany
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.5
United Kingdom
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.6
France
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.7
Brazil
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.8
Italy
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.9
Russian Federation
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.10
India
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.11
Canada
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.12
Australia
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.13
Republic of Korea
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.14
Spain
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.15
Mexico
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.16
Indonesia
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.17
Netherlands
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.18
Turkey
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.19
Saudi Arabia
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.20
Switzerland
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.21
Sweden
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.22
Nigeria
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.23
Poland
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.24
Belgium
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.25
Argentina
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.26
Norway
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.27
Austria
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.28
Thailand
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.29
United Arab Emirates
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.30
Colombia
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.31
Denmark
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.32
South Africa
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.33
Malaysia
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.34
Israel
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.35
Singapore
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.36
Egypt
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.37
Philippines
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.38
Finland
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.39
Chile
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.40
Ireland
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.41
Pakistan
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.42
Greece
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.43
Portugal
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.44
Kazakhstan
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.45
Algeria
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.46
Czech Republic
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.47
Qatar
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.48
Peru
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.49
Romania
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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15.50
Vietnam
- Market Size
- Demand Drivers
- Country Role in the Market
- Supply Capability / Production Potential / External Dependence
- Competitive Presence
- Strategic Outlook
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16. METHODOLOGY, SOURCES AND DISCLAIMER
How the Report Was Built
- Modeling Logic
- Source Register
- Publications, Regulatory and Industry References
- Analytical Notes
- Disclaimer
Industrias Peñoles
World’s largest primary silver producer
KGHM Polska Miedź
Major by-product silver from copper
Fresnillo plc
World’s largest primary silver company
Glencore
Major by-product silver from base metals
Polymetal International
Significant silver producer in Russia & Kazakhstan
Pan American Silver
Major pure-play silver producer
BHP
Silver by-product from copper & lead-zinc ops
Newmont Corporation
Significant silver from gold operations
Grupo México
Major by-product silver via Southern Copper
Sumitomo Metal Mining
Produces silver from global mines & refineries
Hindustan Zinc
One of world’s largest integrated silver producers
Codelco
Significant silver from Chilean copper mines
Hecla Mining
Largest US silver producer with mines in Americas
First Majestic Silver
Pure-play silver producer with operations in Mexico
Volcan Compañía Minera
Significant silver producer in Peru
Boliden
Produces silver from European mines & smelters
Yamana Gold (now part of Agnico Eagle)
Was major silver by-product producer
Coeur Mining
Silver & gold producer in the Americas
Mitsui Mining & Smelting
Produces refined silver from global sources
Southern Copper Corporation
Major by-product silver producer
Agnico Eagle Mines
Significant silver from acquired assets
Hochschild Mining
Silver & gold producer in the Americas
Jiangxi Copper
Major by-product silver from Chinese operations
MMG
Silver by-product from Las Bambas (Peru) etc.
Rio Tinto
Silver by-product from Kennecott, Oyu Tolgoi
Trevali Mining
Significant silver from zinc operations
Dowa Holdings
Produces refined silver from mining & recycling
Buenaventura
Significant Peruvian silver producer
Kazzinc (part of Glencore)
Major silver producer in Central Asia
Minsur
Significant silver from San Rafael tin mine